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Cryptocurrency News Articles
Bitcoin (BTC) Price Is on Track to Double This Cycle if the Current Breakout Proves Genuine: Analysis
Oct 24, 2024 at 05:14 pm
The bullish projection assumes that both Bitcoin and the broader stock market will maintain strong positive momentum over the next year.
Bitcoin price is set to “at least” double if the current breakout proves to be genuine, according to a new analysis by Ecoinometrics.
Bitcoin’s price tanked to $65,188 on Wednesday after trading at a three-month high of $69,500 on Monday, battling bearish momentum. A recovery is already underway, with Bitcoin posting a mild 0.3% gain today, trading at $67,132 at the time of writing.
While opinions vary on whether Bitcoin will cross $70,000 or drop below $60,000, Ecoinometrics has offered a bold analysis suggesting that Bitcoin’s price must “at least” double in the next 12 months.
Why Bitcoin Could See “At Least” 100% Price Growth
The bullish projection assumes that both Bitcoin and the broader stock market will maintain strong positive momentum over the next year. Under this scenario, the median expectation is for Bitcoin to gain about 100%, potentially pushing its value into the $130,000 range by late 2025.
However, the 5th percentile in the simulation indicates a more conservative outlook, projecting a potential loss of 26% if momentum falters over the next 12 months.
The 95th percentile in the simulation, on the other hand, suggests even more aggressive gains, projecting cumulative returns reaching up to 465% if momentum surges beyond expectations.
Crucial Support Bitcoin Must Hold to Confirm a Sustainable Uptrend
The analysis also highlighted signs of market overheating, which could challenge this projection.
Bitcoin has been in an uptrend since September 18, following the Fed's interest rate cut. During this period, the leading asset has risen by over 20% from $57,628. Although it briefly revisited the $59,000 level earlier this month, the retracement led to a stronger rebound to $69,500 by October 21.
Bitcoin continues to struggle around this threshold, with market participants awaiting the next decisive move.
Ecoinometrics noted that Bitcoin's ability to sustain itself above $65,000 is essential for maintaining a strong long-term outlook. Analyst Rekt Capital expressed similar optimism, stating that Bitcoin's outlook remains bullish as long as it stays above $66,000 by the end of the week.
While Ecoinometrics suggests $130,000 as Bitcoin's minimum target in a continued bull run, analysts at Bernstein have released a new analysis suggesting that even $200,000 would be a conservative price outlook for Bitcoin by 2025.
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- Ethereum Whale Deposits 3,000 ETH After Dormant Period
- Oct 24, 2024 at 10:25 pm
- Reports from Spot on Chain indicate that an Ethereum ICO participant finally made a deposit to the cryptocurrency exchange Kraken after over four months of dormancy. The deposit was 3,000 ETH, or $7.63 million, Coingape shares.